Row rect Shape Decorative svg added to bottom DEALS Cutting the perfect deal, flawless in its execution Absa | Corporate and Investment Banking > Insights and Events > Cutting the perfect deal, flawless in its execution SHARE We are proud to have successfully assisted Petra Diamonds in structuring and executing a tender offer to holders of their existing bonds. The transaction was a $146m buyback funded by available cash on balance sheet. The client’s vision was to utilise recent strong performance to reduce gross debt in the business and optimise the capital structure by reducing the absolute debt levels, lowering cost of debt, and reducing future refinancing risk on the target bonds. On conclusion, the company successfully repurchased their bonds, lowering interest cost and reducing refinancing risk. We acted as Dealer Manager of the liability management and as sole 1st Lien Lender, providing the required consent to allow the transaction to move forward. We were able to leverage our deep local understanding of the client and their business while providing relevant international market colour to help form the execution strategy for the transaction. We were able to activate our US and UK salesforces in order to engage global investors, leveraging our international platform. That’s Africanacity. Contact Victor Germeshuizen https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Powering South Africa’s energy transition through scalable infrastructure solutions Absa Corporate and Investment Banking partnered with Mulilo Energy Holdings on the financing of the 77MW / 308MWh Hartebeesfontein Battery Energy Storage System (BESS) project, acting as Joint Mandated Lead Arranger, Senior Lender, Hedge Provider and Agent Bank. Read more DEALS Empowering sustainable growth, one phase at a time. We successfully supported the syndication of a USD700 million facility for the Ivanplats Phase 2 expansion – one of the country’s largest new mining projects in more than a decade. Read more DEALS Expanding trade finance access across African markets Access to trade finance remains a key enabler of growth across Africa. Read more
